The Mayr-Melnhof Group and a subsidiary of funds managed by Oaktree Capital Management, L.P. have reached a firm intention on the sale of Mayr-Melnhof’s virgin fiber cartonboard mills located in Eerbeek, Netherlands, and Baiersbronn, Germany, to Oaktree for an equity value of Euro 104.6 million and net debt subject to final closing accounts.
Eerbeek and Baiersbronn together have an annual capacity of about 245 kt of virgin fiber cartonboard (FBB) produced on two board machines and employ approximately 400 people. Sales reached Euro 195 million in 2020.
Mayr-Melnhof will engage in a consultation process with the employee represe intatives and expects the transaction, which is subject to certain closing conditions and regulatory approvals, including in relation to MM’s recent acquisitions, to close in the 3Q 2021.
Mayr-Melnhof Group is the leading producer of cartonboard and folding cartons in Europe focusing on sustainable and innovative fiber-based packaging solutions.
